Euro-Area Consumer Confidence Lower Than Expected

Euro-area Consumer Confidence Actual -24, Expected -21, Previous -19

Release Explanation: Consumer Confidence is a survey of the sentiment of the public regarding current and future economic conditions. Builds an economic picture of the mood of the economy’s consumer and therefore how well the Service based economies may fair over the coming months.

Trade Desk Thoughts: Consumer confidence in the Euro-area fell to -24, more than expected. The index is just just a few points above the bottom reached in early 2003. The last time the euro-area consumer confidence report was above the zero benchmark, pointing to an optimistic feeling among consumers, was at the end of 2000.

Forex Technical Reaction: As expected, the release went unnoticed in the currency market. The euro has now gained 90 pips since the Asian session began, even though the pair advanced as much as 350 pips, earlier, near TheLFB R2.

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